New home closings in the Orlando, FL market fell year-over-year in April, sliding down after a rise in March 2016. New home closings saw a 6.3% drop from a year earlier to 535. This was after the housing market saw a 26.8% boost year-over-year in March.
A total of 9,216 new homes were sold during the 12 months that ended in April, down from 9,252 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 12.3%. This is better than the 10.1% of closings a year earlier. For new and existing homes, closings sank in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes went from $330,846 in April 2015 to $331,592 in April 2016. This followed a move from $333,451 per unit to $334,002 from March 2015 to March 2016.
For newly sold homes, the average mortgage size declined year-over-year in contrast to average price of new homes. In April 2016, average mortgage size slid 1.2% from a year earlier to $264,461. In March 2016, average mortgage size gained 4.4% from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings climbed from 76.5% of new closings in April 2015 to 82.8% of closings in April 2016. At the same time, the share of new home closings belonging to attached units dropped to 17.2% of closings from 23.5% of closings.
The average unit size of newly sold homes sank 3.6% year-over-year to 2,472 square feet in April 2016. In March, the average size of new homes sold went from 2,576 square feet a year earlier to 2,692 square feet.
Foreclosures and real estate owned (REO) closings declined in April from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 25.4% of existing closings, lower than 40.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.8% in April from 20.0% a year earlier while REO closings as a percentage of existing home closings sank to 15.6% from 20.8% a year earlier.